ByCell plan spiked

New Delhi, May 14: The Foreign Investment Promotion Board has revoked its order allowing ByCell to launch telecom operations in India. The Swiss telecom company had joined hands with Hyderabad-based Bitcorp for the venture. ByCell’s proposal was to operate in five circles at an investment of Rs 2,500 crore.

BSNL relief

New Delhi, May 14: Supreme Court has allowed BSNL to hold on to the additional spectrum allocated to it by the government. The telecom firm was given additional GSM spectrum of up to 10 megahertz in over 16 circles in 2007.

Sony loss

Tokyo, May 14: Sony has suffered its first annual loss in 14 years and forecast another grim year ahead. Sony expects to suffer a net loss of $1.26 billion in 2009-10, after losing $1.01 billion in the year that just concluded. The firm will close three factories in Japan to trim production costs.

UB surety

New Delhi, May 14: Shareholders of United Breweries Holdings have approved the company’s plan to provide corporate guarantee worth up to Rs 12,000 crore to lenders of subsidiary Kingfisher Airlines.